A check payment for $658 was incorrectly entered in the Cash account as $856. Which of the following adjustments needs to be made? A. increase the book balance B. decrease the book balance C. decrease the bank statement balance D. increase the bank statement balance

A check payment for $658 was incorrectly entered in the Cash account as $856. Which of the following adjustments needs to be made? A. increase the book balance B. decrease the book balance C. decrease the bank statement balance D. increase the bank statement balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A check payment for $658 was incorrectly entered in the Cash account as $856. Which of the following adjustments needs to be made?

increase the book balance

decrease the book balance

decrease the bank statement balance

increase the bank statement balance

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